Getting a new notice late in the tax season is confusing. But it's essential to realize that amended form could offer a gateway to a bigger refund on 2017 federal income tax returns, if you qualify and you itemize deductions.

What's confusing is that the tax deduction involving mortgage insurance officially ended in 2016. But it came back from the dead for 2017, along with some other breaks on Feb. 9 with the passage of a bipartisan budget act. These so-called extender breaks are only good, retroactively, for 2017 returns.

So that's why you're getting such late paperwork — and why you want to pay attention.

About 4 million tax filers claimed this deduction on Schedule A of their 2015 returns, the last data available, according to the Internal Revenue Service. The deduction added up to about $6.3 billion in tax breaks.

What should I do if I get this revised 1098?

If you already filed your taxes, you could want to amend your income tax return. The deduction wasn't available when the filing season began Jan. 29. And the IRS didn't release updated forms after the budget act was passed until Feb. 22.

But if you only began working on your return in early March, you're likely covered. Check the copy of your 2017 tax return on Schedule A.

"If you came in the last week or two, you would have gotten the extender if you qualified for it," said Jackie Perlman, a tax research analyst at H&R Block's Tax Institute.

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Am I guaranteed to save money on my tax bill now?

No. Not everyone who pays private mortgage insurance will benefit. Some taxpayers use the standard deduction and do not itemize, so they cannot deduct mortgage insurance premiums. Others may have too high of an income to qualify for the deduction related to PMI.

The tax break relating to premiums paid for mortgage insurance is generally claimed by low- and middle-income filers, according to the IRS.

The deduction is phased out completely if your adjusted gross income is $109,001 or more (or $54,501 or more if married filing separately). See instructions for Schedule A.

What kind of paperwork do I look for now?

Keep an eye out for an amended 1098. If you didn't make a large down payment when you bought your home — say 20% or more — you're likely paying private mortgage insurance.

The updated statement shows what you paid for mortgage insurance premiums in 2017 in Box 5.

Mat Ishbia, president and CEO of United Wholesale Mortgage, said the company sent out nearly 40,000 notices to inform borrowers of the important tax change. United Wholesale Mortgage, a division of Troy-based United Shore Financial Services, alerted its network of mortgage broker partners throughout the country to alert borrowers.

Other lenders have alerted customers about amended 1098 forms that are on the way.

A revised 1098 with the mortgage insurance amount included in Box 5 was to be mailed by March 15 to Flagstar Bank customers affected by the extension of the tax provision, according to Susan E. Bergesen, corporate communications specialist at Flagstar.

She said the majority of Flagstar customers affected were sent an email to alert them that they would be receiving a corrected 1098 from Flagstar and why.

Quicken Loans sent a detailed email to every client impacted by the change explaining the new tax law and its potential impact on their tax situation. The following week, clients were sent an updated 1098 statement with a cover letter explaining why homeowners were receiving the document, according to Nicole Beattie, Quicken Loans Vice President of Mortgage Servicing.

Credit unions, such as Plymouth, Mich.-based Community Financial Credit Union, have been communicating with borrowers, too, regarding the changes in the tax code relating to mortgage insurance premiums.

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How much money might I save here, if I qualify?

Well, it will depend on how much you're paying for private mortgage insurance, your tax bracket and how big of a deduction will you be allowed.

Some taxpayers might save $200 or $300 or more.

What homeowners pay for private mortgage insurance is based on their credit and the size of their down payment. The lower the credit score, the higher the cost. The lower the down payment, typically the higher the cost.

In general, the cost for PMI can range from 0.3% to 1.5% of the original loan payment amount.

If the PMI cost is 0.5% on a $200,000 mortgage, for example, you're paying $1,000 a year for the insurance or $83.33 a month. If you're in a 25% tax bracket, you're looking at a federal income tax break of $250 in this example.

H&R Block's Perlman said many consumers nationwide could be looking at PMI payments of $1,500 in 2017. If you're in a 25% federal tax bracket, that could mean a savings around $375.

If you've already filed a tax return, you'd need to amend that return by filing Form 1040X. Do-it-yourselfers should be able to do this easily with their tax software. But make sure you're using updated software that reflects the last-minute changes relating to mortgage insurance premiums.

"The IRS Form 1040X looks more intimidating than it is," said Marshall Hunt, certified public accountant and director of tax policy for the Accounting Aid Society's tax assistance program in metro Detroit.

A 1040X form has to be printed out and mailed in; it cannot be filed electronically.

The IRS notes that processing an amended return can take up to four months. Generally, to claim a refund, you must file Form 1040X within three years after the date you filed your original return or within two years after the date you paid the tax, whichever is later.